\begin{tabular}{|c|c|c|c|} \hline \multirow[t]{3}{*}{ July 1 : } & Stock Dividends & & 832 \\ \hline & Common Stock Dividends Distributable & 83250 & \\ \hline & Paid-in Capital in Excess of Par-Common Stock & & \\ \hline \multirow[t]{2}{*}{ July 31=} & Common Stock Dividends Distributable & 16650 & \\ \hline & Common Stock & & 166 \\ \hline \multirow[t]{2}{*}{ Dec 10} & Cash Dividends & 361500 & \\ \hline & Dividends Payabie & & 3615 \\ \hline \multirow[t]{3}{*}{ Dec. 31} & Income Summary & & \\ \hline & Retained Earnings & & \\ \hline & To close net income) & & P \\ \hline Dec310 & Retained Earnings & & \\ \hline \end{tabular} Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ond enter o for the amounts. Record journal entries in the order presented in the problem.) On January 1,2020, Blossom Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Mar. Paid the dividend declared in February. 1. July Declared a 10% stock dividend to stockholders of record on July 15 , distributable July 31 . On July 1, the market price of 1 the stock was $15 per share. 31 Issued the shares for the stock dividend. 31 Determined that net income for the year was $361,500. Dec. 1 Cahbividends 361500 Diventh Proble Dec 31 Incoine Suminary Retained Eamints (To close net income) Dec 31 Retained Earnings: Stock Dividerds (To elose stock dividends) Dec: 310 Retsined Eamings Gash Dividends (To close cash dividends) SUPPORT